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Quote of the day
“Behavior change is often difficult even when it is in someone’s best interest to change. People are mostly immune to even the best advice and there are complex causal factors seeded in evolution, biology and culture which make habits, addictions and the like resistant to change.” – Phil Pearlman
Chart of the day

The US economy is on quite a run. (@charliebilello)
Strategy
- Demonetized, "There is an important difference between spending a lot of time and energy thinking about risk and refusing to put capital at risk, or being chronically short equities." (demonetizedblog.com)
- Robert Seawright, "Fundamentally, we aren’t nearly as stupid and ridiculous as often portrayed within behavioral finance. We are no homo economicus, but we aren’t idiots, either." (rpseawright.wordpress.com)
- Brian Koppelman, "One woman told us that women are more intuitive than men because they’ve been forced to listen more when men are talking. She told us flat-out that women are now using their natural abilities to usurp and arrive at positions of power." (variety.com)
Zero commission trading
- "Robinhood was never competing on features with Schwab." (howardlindzon.com)
- What is Fidelity going to do in the zero-commission wars? (riabiz.com)
- The Trade App from StockTwits is now live. (marketwatch.com)
ETFs
- ETFs are simply pass-through vehicles. (alephblog.com)
- Schwab ($SCHW) is launching more ultra-low cost bond ETFs. (fa-mag.com)
Space
- Americans are increasingly renting homes from large corporations. (citylab.com)
- How to live without a whole lot of space in San Francisco. (ft.com)
- The downsides of living in a tiny house. (fastcompany.com)
Policy
- Is our home mortgage system implicitly subsidizing building in disaster-prone areas? (nytimes.com)
- "Automation has “contributed substantially” to reducing the portion of national income that goes to U.S. workers over the past two decades..." (bnnbloomberg.ca)
- Americans' confidence in its institutions is falling. (visualcapitalist.com)
- How the Federal Reserve is trying to solve its gender disparity problem. (nytimes.com)
- Banning e-cigarettes is short-sighted. (ft.com)
Wealth taxes
- Why the 'billionaires shouldn't exist' talk is kind of crazy. (blairbellecurve.com)
- Why wealth taxes would induce the wealthy to take evasive measures. (ofdollarsanddata.com)
- How would wealth taxes affect investment decision making? (economist.com)
Economy
- Why the manufacturing recession matters. (slate.com)
- Manufacturing hours worked are falling. (econbrowser.com)
- Economists really don't know where 'full employment' lies. (wsj.com)
- Slow growth, need not a recession imply. (scottgrannis.blogspot.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Longform links: ratifying good decisions. (abnormalreturns.com)